2018 is likely to be a game-changing year for the banking and finance sector. As the General Data Protection Regulation (GDPR) and Revised Payment Service Directive (PSD2) are implemented across the European Union, the exclusive control of banks and other financial institutions on financial data of their customers is about to end. These new regulations will open the door to almost any company interested in claiming a share, particularly the tech giants, such as Amazon, Facebook, Google.
While this may look like a challenge to many, we, as journey science experts, view this as an opportunity for banks to partner with large tech, eCommerce, and fintech enterprises and leverage their expertise at managing customer experiences to revolutionize customer journeys and offer an improved, more holistic experience to their end-users.
In this article, we have reviewed how implementation of PSD2 and GDPR will transform the banking and finance industry and result in a new wave of partnerships between banks and ecosystem enterprises to create a win-win situation for everyone, including customers, financial institutions, major tech players, such as Google, Amazon, Facebook, eCommerce companies, as well as small fintech start-ups.
In the Middle East North Africa region $622 billion worth of development is planned in the energy sector for the next five years. The power sector accounts for the largest share at $207 billion, with the oil and gas sector at $195 billion and $159 billion respectively. Leading the drive will be Saudi Arabia, and Iraq and Iran will play catch-up. Algeria will pump billions into its upstream sector, and much is expected from Egypt’s recent gas. Renewable-energy projects will be at the forefront of efforts to meet rising power demand in Morocco, Tunisia and Jordan.
Federal Reserve Chair Janet Yellen on Monday took another victory lap for the US labor market.
At the University of Baltimore's commencement, Yellen said that although there are still challenges, the jobs market is the strongest it has been in a decade.
"The short version of what I have to say is that while I expect workers will continue to face some challenges in the coming years, I believe, for two reasons, that the job prospects and career opportunities for new graduates at this time are very good," Yellen said.
A well-known obstacle to the greater popularity of Bitcoin as a medium of payment is the high volatility of its exchange value. This volatility results from its built-in quantity commitment: because the number of Bitcoins in existence stays on a programmed path, variations in the real demand to hold Bitcoin must be accommodated entirely by variations in its unit value. When demand goes up, there is no quantity increase to dampen the rise in price; and vice-versa for a fall in demand.
Not surprisingly, several cryptocurrency developers have thought of creating a cryptocurrency with a price commitment–namely a pegged exchange rate with the US dollar–rather than a quantity commitment, in hopes of greater popularity. The aim is to create a system in which dollar-denominated payments can be made with the ease, security, and low cost of Bitcoin payments, but without the exchange-rate risk.
With Deloitte as one of the Big Four auditors, the Hong Kong Monetary Authority (HKMA) and the region’s top five banks have officially launched a Blockchain platform for trade finance.
Earlier this month, HSBC, Bank of China, Bank of East Asia, Hang Seng Bank and Standard Chartered co-introduced a proof of concept Blockchain platform for use with trade finance operations which include lending, issuing letters of credit, factoring, export credit and insurance.
Joshua Kroeker, the senior product manager for global trade and receivables finance at HSBC, stated that the Hong Kong government along with Deloitte and partner banks launched the Blockchain platform to demonstrate the technology’s potential in the conventional finance industry.
More importantly, Kroeker emphasized that HKMA and the five participant banks are aiming to utilize Blockchain technology to increase efficiency, transparency and security in trade finance while eliminating the possibility of fraudulent activities by automating most processes.